I'm updating my letters of engagement to clients and am struggling with limitation of liability.
'We have agreed that the following parties should be entitled to rely on our work' - would you insert HMRC or use 'There are no third parties that we have agreed should be entitled to rely on the work done pursuant to this engagement'?
'The total liability we will owe to you and any third party we have agreed may rely on our work for any losses in any way connected with any of the services provided to you under the terms of this engagement letter shall not exceed the sum of £???'
I have read that some Accountants use a multiplier of annual fee, whereas others put in a specific amount - can anyone please advise and have you had feedback from clients when instering an amount?
Thanks is advance!